WASHINGTON, DC – June 4, 2013 – (RealEstateRama) — U.S. Sen. Mark R. Warner (D-VA) today issued a statement welcoming the announcement of Virginians Organized for Interfaith Community Engagement, or VOICE, on a neighborhood revitalization and affordable housing strategy that will help restore communities in Prince William County that were hardest-hit by the 2008 housing foreclosure crisis.
At a meeting scheduled in Woodbridge later tonight, VOICE officials are expected to announce that at least two major lenders and the Virginia Housing Development Authority will provide a combined $30 million in financing to rehabilitate dilapidated housing and to provide an estimated 1,500 affordable rental housing units.
Prince William County was the worst-hit locality in Virginia, with more than 20,000 foreclosures during the collapse of the housing market. Sen. Warner played a crucial role in brokering a series of meetings with U.S. banking executives that ultimately resulted in these commitments of millions of dollars for low-interest loans, home rehabilitation, and affordable rentals.
“I congratulate VOICE for its success in securing significant commitments from leading banks in order to begin fixing some of the mess left behind from exploitative lending practices in Prince William County leading up to 2008. We know that Prince William and surrounding communities were among the hardest hit in Virginia. VOICE and other faith community leaders have worked tirelessly to help families while holding banks responsible for their prior bad actions. VOICE’s revitalization plan will assist residents who found themselves guided into mortgage contracts that should never have been available to them in the first place and will help stabilize the community for the long term.”